Sold

336 & 342 E Providencia Avenue

Burbank CA, 91502

$7,050,000


$505.38 per sqft

Sold

16 Beds

24 Baths

13,950 sqft

Multi-family

Built in 1988

We are pleased to present this offering of 24 multifamily units between two mirror-image 12 unit properties located at 336-342 East Providencia Avenue in prime Burbank, CA.There is no LA City rent control in Burbank. This property is only subject to California's AB-1482 which has a maximum rent increase of 10% per year.Built in 1988, these two properties sit on a combined 0.40 acre lot, and the 13,950 gross square feet of building is split up into (8) studio units and (16) 1 bed / 1 bath units. The property has a secure and gated entry leading to a shared driveway where there are 24 total parking spots, one spot for each unit. Furthermore, the property offers its tenants a communal laundry room and storage spaces. Because this 24 unit offering is split between two APNs, each containing a 12 unit building, there is no legal requirement to have an on-site manager, saving the buyer from giving away a free unit. Also, the property is separately metered for gas and electric which helps keep the utility bills down.Right now, 18 of the 24 units are eligible to receive the maximum 10% rent increase that is allowed per AB-1482. When the buyer gives these rent increase notices, almost half of the 18% estimated upside potential will be captured right then, making this a very easy value add opportunity. After these rent increases are given, the buyer will be at a 4.5% CAP rate without doing any work to the building.

22191123

MLS ID

August 18, 2022

Listed

September 2, 2023

Updated

Map

336 & 342 E Providencia Avenue
Burbank CA, 91502

Interior Features

Total Stories

2


Bedrooms

16 Beds


Bathrooms

24 Baths


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.4 acres

Other Property Details

Days on Market

33


Garage

No


Parking

Covered


Parking Total

32


View

No


County

Los Angeles


Pool

No

Listing History

Date

Event

Price

6/21/2023

Price Change

$7,050,000

-4%

6/21/2023

Sold

5/2/2023

Pending

Courtesy of Filip Niculete, Marcus & Millichap, CA DRE

Listing Contact:  

Based on information from the CRISNet MLS as of 9/2/2023, 12:08 AM UTC. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

©2023 CRISNet MLS. All rights reserved. 

Powered byLuxury Presence